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15 Days Price Change

SPEB Adhesives IPO

Closing In

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Profile
Issue Size 24.75 Cr
Profile
Price Range 52  to  56 per share
Profile
Min Investment ₹56
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

Our company is engaged in the business of manufacturing solvent-based synthetic rubber adhesives. Withinthe synthetic rubber-based adhesive, we offer both – solvent-based and water-based adhesives. Weprimarily focus on in-house manufacturing of solvent-based adhesives, with water-based adhesives beingproduced on a contractual manufacturing basis. Within the solvent-based category, we primarily specializein polychloroprene-based and SBS (styrene-butadiene-styrene)-based adhesives, known for their highbonding strength, durability, and wide application range. Our product portfolio includes various productscustomized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives,premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-gradeadhesives, and adhesives used in Generator Set. We follow a B2B business model, and our products areused in Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and GeneratorSet industries. To serve a diverse customer base, we operate through three major business channels, viz.Dealer-Distribution Network, Industrial Sales, and Government Supply Contracts. Read More

Basic Info

Face Value 10 per share

Price 52  to  56 per share

P/E (x) 16.5

Sales( Cr.) 45

PAT( Cr.) 6

EPS 3.4

Draft Prospectus

Exchange NSE-SME

Promoter

Company Promoters

Kirtikumar Vithlani Bhaumik Vithlani Gaurav Vithlani Harish Vithlani

Pre Issue Share Holding 100%

Post Issue Share Holding 73.18%

Listing Details:

Listing Price: 60

Listing Gain: 6.67%

Current Price: 65.6

Gain On Issue: 65.6 | 0%

GMP: --

GMP %: -- %

IPO Tentative Timetable

Opening Date Dec 01, 2025
Closing Date Dec 03, 2025
Allotment Dec 04, 2025
Refund Dec 05, 2025
Delivery of Shares Dec 05, 2025
Listing Date Dec 08, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 4000 224,000
Retail (Max) -- -- --
S-HNI (Min) 1 4000 224,000
S-HNI (Max) 4 16000 896,000
B-HNI (Min) 5 20000 1,120,000

Objective of the Issue

1.Part finance the cost of establishing new manufacturing facility to expand our production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India (“Proposed new facility”) 2.General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 0 2316000 0x
NII 0 3926000 0x
Retail 0 3376000 0x
EMP 0 0 0x
Total 0 9618000 0x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

SPEB Adhesives Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 28 38 43 45
Other Income 0 0 1 1
Total Income 28 39 43 46
Total Expenditure 24 36 36 37
Operating Profit 4 3 7 9
Interest 0 0 0 0
Depreciation 0 0 0 0
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax 3 3 7 8
Provision for Tax 1 1 2 2
Profit After Tax 3 2 5 6
Adjustments 0 0 0 0
Profit After Adjustments 3 2 5 6
Adjusted Earnings Per Share 1.3 0.9 2.8 3.3

SPEB Adhesives Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 18 19 19 25
Minority's Interest 0 0 0 0
Borrowings 0 0 0 0
Other Non-Current Liabilities 0 0 0 0
Total Current Liabilities 1 0 1 2
Total Liabilities 19 20 21 27
Fixed Assets 2 2 3 2
Other Non-Current Assets 4 3 0 0
Total Current Assets 13 15 18 25
Total Assets 19 20 21 27

SPEB Adhesives Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 1 1 3
Cash Flow from Operating Activities -1 0 4 -1
Cash Flow from Investing Activities 3 0 2 0
Cash Flow from Financing Activities -3 0 -5 1
Net Cash Inflow / Outflow -1 1 1 -0
Closing Cash & Cash Equivalent 1 1 3 3

SPEB Adhesives Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.35 0.95 2.8 3.35
CEPS(Rs) 1.53 1.12 3.08 3.6
DPS(Rs) 0 0 0 0
Book NAV/Share(Rs) 9.09 10.07 11.05 14.4
Core EBITDA Margin(%) 13.02 6.36 15.36 17.51
EBIT Margin(%) 13.14 6.61 15.63 18.2
Pre Tax Margin(%) 12.35 6.57 15.59 18.16
PAT Margin (%) 9.32 4.77 11.58 13.16
Cash Profit Margin (%) 10.56 5.62 12.71 14.14
ROA(%) 13.91 9.49 24.33 24.58
ROE(%) 14.82 9.9 25.37 26.3
ROCE(%) 20.89 13.71 34.23 36.37
Receivable days 84.3 66.86 59.11 53.17
Inventory Days 38.28 29.4 27.06 22.31
Payable days 0 0 4.85 10.27
PER(x) 0 0 0 0
Price/Book(x) 0 0 0 0
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) -0.09 -0.09 -0.19 0.06
EV/Core EBITDA(x) -0.66 -1.23 -1.16 0.33
Net Sales Growth(%) 0 37.49 11.06 5.11
EBIT Growth(%) 0 -30.83 162.63 22.37
PAT Growth(%) 0 -29.6 169.58 19.4
EPS Growth(%) 0 -29.6 195.71 19.39
Debt/Equity(x) 0 0 0 0
Current Ratio(x) 11.94 34.77 14.87 13.42
Quick Ratio(x) 9.19 27.24 12.35 12.13
Interest Cover(x) 16.71 162.6 376.36 424.57
Total Debt/Mcap(x) 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 5% 17% 0% 0%
Operating Profit CAGR 29% 31% 0% 0%
PAT CAGR 20% 26% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 26% 21% 19% 19%
ROCE Average 36% 28% 26% 26%

Company Contact Information

SPEB Adhesives Ltd.

Monika Dhawan

91 7738532223

cs@speb7.com

Plot No. J 33 M I D C, Taloja Panvel

IPO Lead Manager(s)

SPEB Adhesives Ltd.

Unistone Capital Pvt Ltd.

Registrar Info

SPEB Adhesives Ltd.

MUFG Intime India Pvt Ltd.

C 101, 247 Park, LBS Marg, Vikhroli (W), Mumbai (Old Address:) C-13 Pannalal Silk Compound, L B S Marg, Bhandup Mumbai Maharashtra

+91 810 811 8484

91-022-49186060

rnt.helpdesk@in.mpms.mufg.com

https://in.mpms.mufg.com/

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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